LONDON (ShareCast) - (ShareCast News) - Base metals miner Central Asia Metals (CAML) has raised its dividend for the year ended 31 December to a total of 16.5p per share after financial results released on Thursday showed that revenues and earnings saw strong growth.
The AIM-traded company recorded a 54% increase in gross revenue to $106.5m while adjusted EBITDA jumped 66% to $66.4m across 2017, a year in which the company acquired the Sasa mine in Macedonia through its purchase of Lynx Resources for $402.5m.

The mining company's net debt consequently stood at $138.9m compared to a cash positive position of $40.3m the previous year.

Nick Clarke, chairman of CAML, said: "Adding Sasa to our portfolio has developed CAML from a copper company to a diversified low cost base metals producer. Including our zinc and lead production from Sasa, CAML's annual copper equivalent production has now increased by approximately 150% to 35,000 tonnes, and copper equivalent recoverable resources have increased by almost 200%."

The company is reportedly considering the acquisition of new mines but will first prioritise the full integration of the Sasa mine into its network.

"2017 was a strong year for all of the base metals in CAML's portfolio, with the three metals averaging a price increase of 28%. Going forward into 2018, many industry commentators are expecting a challenging year for copper supply that could result in another positive 12 months for the copper price," said Clarke.

The company forecasts annual production of between 13,000 and 14,000 tonnes of copper from its Kounrad site in central Kazakhstan following record production of 14,103 tonnes and record sales of 14,181 tonnes in 2017.

As of 1143 BST, Central Asia Metals' shares were down 1.38% at 321.50p.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE